February 23, 2024
Security Spending Market

The Rising Need For Cybercrime Protection Is Anticipated To Openup The New Avenue For Security Spending Market

The Security Spending Market is estimated to be valued at US$ 152.81 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The security spending market involves expenditures towards ensuring the safety and security of systems, networks and programmes. This includes spending on firewalls, identity and access management solutions, antivirus and antimalware programmes, security and vulnerability management, security information and event management, etc. These solutions help protect enterprises, governments and individuals from cyber threats like data breaches, malware attacks, phishing and ransomware.

Market Dynamics:

The growing instances of cybercrimes and data breaches are a key driver for the security spending market. Cybercriminals are resorting to more sophisticated techniques like ransomware to derive sensitive data and compromise systems. This has necessitated greater spending on advanced security solutions and services that can thwart such advanced threats. Additionally, the rising adoption of hybrid work models due to the pandemic has expanded the attack surface for cybercriminals. This has pushed organizations to bolster their security infrastructure to secure both on-premises and remote access networks.

Segment Analysis

The global security spending market is dominated by the network security segment. Network security solutions cover a broad range of applications and network devices from routers, switches, firewalls and virtual private network (VPN) concentrators. Organizations are spending majorly on network security solutions to provide complete visibility of threats across their networks and to protect their devices and users from malware infections, data breaches and ransomware attacks.

PEST Analysis

Political: Data privacy regulations like GDPR and CCPA have forced companies to spend more on compliance and security controls. Economic: With rise in digital transformation and remote working culture, security spending needs to increase to secure assets outside traditional office networks. Social: Increased internet usage and digital dependency have exposed users to sophisticated cyber threats demanding advanced security solutions. Technological: Adoption of cloud, IoT and mobility has expanded the attack surface prompting the need for technologies like zero trust network access, AI/ML based threat detection etc.

Key Takeaways

The global Security Spending Market Growth is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing digitization of business processes and work environments. The market size was valued at US$ 152.81 Bn in 2023 and is projected to reach US$ 268.41 Bn by 2030.

North America dominated the market with over 30% share in 2023 owing to strict data protection regulations and higher security awareness among organizations. Asia Pacific is expected to be the fastest growing region on account of rising cyber attacks and growing digital infrastructure in countries like China, India and Japan.

Key players operating in the security spending market are Cisco Systems, Palo Alto Networks, IBM Security, Check Point Software Technologies, Symantec, Fortinet, McAfee, Trend Micro, CrowdStrike, Proofpoint, FireEye, Darktrace, Splunk, RSA Security, Akamai Technologies. Major players are focusing on developing advanced AI and cloud-based solutions to protect organizations networks amid growing sophisticated cyber threats.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it